As newly released figures show the first June drop in the price of properties coming onto the market since 2009, combined with our own data showing mortgage rates continue to fall – at least for now – it's a good time for any would-be buyer to consider jumping onto the property ladder. But how exactly do you go about that? Well, we're here to help.
Rightmove's monthly House Price Index, released today, reveals a 0.4% monthly fall in the price of property coming to the market (meaning a drop of £1,172 on average). This is the first time such a fall has been recorded in the month of June since 2009, with spring usually a prime time for putting a house up for sale.
Miles Shipside, Rightmove director and housing market analyst, explained: "The price of property coming to the market had increased in June in every year since 2009, so buyer confidence has clearly been affected by inflation outstripping their pay packets and current political events."
Additional figures show that the first-time buyer sector (consisting of properties with two bedrooms or fewer) is now the fastest growing sector of the market, with newly-listed prices surging by 3.5% month-on-month and 5.5% on a yearly basis as "those at the traditional starter level are brushing aside uncertainty". With such intense competition, it's important to know how to make yourself stand out from the crowd and look more attractive to both sellers and mortgage providers.
If you're ready to jump in and want to make sure you're fully prepared so you can make a good impression, we've outlined key steps to help you to reach that first step on the ladder:
If this all still sounds like a lot of complicated work, don't worry, there's lots of experts who'll be able to advise you along the way. Buying a home is a big decision, involving substantial funds, so it makes sense that it requires careful planning and effort. Hopefully, if you go about it the right way and find the right place, it'll all be worth it in the end.
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